Cryptocurrencies, like every other thing of value in the world, are subject to fraud, scams, and outright theft. Whether you are new to cryptocurrency or you are already an expert, it is always recommended to keep your crypto safe. The Justice Department of The United States was reported to have retrieved $2.3 million in bitcoin that was paid to ransomware hackers in April 2021.
The Federal Trade Commission also reported that $82 million was lost to crypto-related scams in less than 8 months. These reports show that it is extremely important to keep your cryptocurrency as safe as possible. So, listed below are the top 5 ways to keep your cryptocurrency safe.
Use A Safe Wallet
The major risk to all cryptocurrencies comes from the digital wallet. These digital wallets are secured with private keys which allows the use of cryptocurrencies online. When any third party with malicious intent has access to your password, they can empty your wallet and also make fraudulent transactions. These days, cold wallets are among the most secure options. A cold wallet is a physical device and many are just like USB drives. It does not have access to the internet and as such is less prone to cyber-attacks.
Use Only A Secure Internet Connection
Whenever you want to access your cryptocurrency account, make it a duty to avoid unsafe and public Wi-Fi network connections. It is important to use a secure internet connection. This will prevent any third party from having access to your private keys, and protect you from fraudulent activities and scams on your account.
You can also make use of a VPN for added protection. A VPN keeps your online browsing activities protected from malicious personalities. A VPN masks your IP address and location and also prevents others from illegally or legally tracking your online activities.
Make Use Of Trusted Cryptocurrency Wallets And Mobile Apps
Before you decide on the platform you want to use whether you want to invest or hold your crypto for a long period. You must thoroughly research the security features and the authenticity of the chosen platform.
A platform with multi-factor authentication, SSL/TLS encryption, and offline storage of cryptocurrencies is definitely worth your consideration. You can also opt to use two or more crypto platforms to safeguard your assets. But care should be taken to use different and complex passwords for each platform rather than just one.
Guard Your Phone Against Third-Party Attackers
Whenever you are using your mobile phone for crypto transactions, make sure it is updated with the latest antivirus. Installing strong anti-virus software on your mobile device will guard against these fraudulent acts.
Use A Strong And Complex Password
The importance of using a strong password cannot be underrated when it comes to keeping your crypto safe. To keep your account safe, make use of a complex password that must be difficult to guess and also change it regularly.
Cryptocurrency is an evolving industry and it is important to meet the current trend and demands in the industry. Christmas is around the corner and you might be thinking of offering a christmas crypto gift to your loved ones. You won’t be able to do that if you wake up and your wallet is empty.